Tesco in line for S&P downgrade - UK
IOL Business - Dec 12th 2014, 08:50
Ratings agency Standard & Poor’s might downgrade Tesco’s credit rating after its latest profit warning, moving the British grocer closer to losing its investment-grade status.
S&P said that it believed Tesco’s profitability would continue to weaken, as competition within the British retail sector remained intense.
“We anticipate that Tesco’s profitability will continue to weaken as market competition in the UK remains high, possibly even intensifying over the next 12 months, perpetuating the burden on the group’s business risk profile,” S&P said.
From © Independent On-line 2013. All rights reserved.
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